It included base pay of $3.1 million, stock awards of $15.9 million and non-equity incentive compensation (like a cash bonus) of $19.7 million.
Viacom and CBS merged in late 2019. Bakish earned $8.3 million as CEO of the combined company that year.
In its proxy filing with the SEC that lists salaries of the most highly compensated executive officers, the company said Naveen Chopra, the newly appointed CFO, earned $11 million. He started in August. Former CFO Christina Spade earned $19.9 million.
Bakish’s four-year contract provides for an annual base salary of $3.1 million per year, which may be increased at the discretion of the compensation committee, and an annual target bonus opportunity of $12.4 million per year. He’s eligible to receive annual grants of equity compensation with an aggregate target value of $16 million.
The company’s board Compensation Committee, which sets pay, praised Bakish for his
“strategic leadership and management during a uniquely challenging time of uncertainty and transition.” It said he and his team “executed a balanced strategy focusing on accelerating our participation in higher growth media segments, such as streaming and advanced advertising, while at the same time looking to maximize revenues from traditional sources.”
The proxy also cited rapid growth of our streaming products — Paramount+ launched on March 4 — “materially exceeding, cost synergy goals” and “improving business operations and leading a new senior management team during a global pandemic while working remotely.”